Following the Games – where DeGale took the gold medal in the middleweight division and Jeffries bronze in the light heavyweight - the boxers were expecting bonuses of £20,000 and £5,000 respectively.

But when both turned professional shortly after the Games, the ABAE refused to pay the two boxers their bonus payments claiming that DeGale and Jeffries had forfeited their right to medal bonus payments due to the fact that had signed professional contracts and not stayed on as amateurs.

This led DeGale and Jeffries to pursue legal action against the ABAE with the boxer’s solicitor Steven Beverly claiming last April that: "The ABAE unequivocally agreed to pay bonuses to the fighters if they were successful."

But after a war-of-words in which both DeGale and Jeffries heavily criticised the ABAE’s handling of the matter and former Sports Minister Richard Caborn became involved, a settlement has now reached whereby both boxers have been paid their medal bonuses, receiving the full amounts plus their legal costs, which are estimated at £5,000 each.

An ABAE statement read: "Disputes between James DeGale MBE and Tony Jeffries (pictured) and the ABAE have been resolved by the payment of the boxers' bonuses and their costs.

"The ABAE wish the boxers - both products of the ABAE's GB elite boxing programme and both Olympic medallists at Beijing 2008 - continued success in their future professional careers

"The ABAE will now continue to focus on grass roots development of amateur boxing in the build up to the London 2012 Olympic Games and beyond."

The payout follows the ABAE being forced last October to pay Terry Edwards £80,000 in compensation and give him an apology over claims that he had been told that bonuses for medallists at Beijing had been withdrawn.

Edwards had taken action after the ABAE's chief executive Paul King had claimed on the Garry Richardson Show on BBC Radio Five Live on December 7 2008 that the then performance director had been sent a letter informing that the scheme had been dropped.

The ABAE acknowledged in the settlement Edwards had never received such a letter.

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October 2009: Exclusive - ABAE apologise to Terry Edwards over bonus slur
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December 2008: Warren launches attack on amateur boxing and Caborn
December 2008: Gold medal winner blasted by Caborn
November 2008: DeGale attacks ABAE and says he is suing over unpaid bonuses